Demand for ePrescribing Market is set to reach a valuation of around US$ 52.2 Billion by 2034: Accurate Medication Management and Improving Patient Safety Driving | FMI
NEWARK, Del, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The ePrescibing market is expected to be valued at US$ 4.8 billion in 2024. The market is projected to expand at a CAGR of 27.1% from 2024 to 2034. By 2034, the market value is forecasted to reach a valuation of US$ 52.2 billion.
The healthcare industry has seen a surge in demand for electronic prescribing systems that offer accurate medication management and reduce errors to improve patient outcomes. This has resulted in regulatory pressure from governments and healthcare bodies to adopt ePrescribing systems and embrace digital tools for medication management.
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The demand for ePrescribing solutions is further driven by the rising prevalence of chronic diseases and the growing elderly population. Patients with complex medication regimes often require multiple prescriptions, making it necessary to have accurate and efficient medication management systems in place.
Cloud-based ePrescribing solutions have gained popularity due to their scalability, flexibility, and cost-effectiveness. Healthcare providers can access patient data and medication information from anywhere, at any time, with the help of cloud-based systems, making it easier to deliver high-quality care to patients.
The increasing adoption of healthcare information technology (IT) solutions by healthcare providers is driving the electronic health record (EHR) systems. ePrescribing is often integrated with EHRs to provide a more streamlined and efficient medication management process. The trend of telemedicine and remote patient care, especially amidst the COVID-19 pandemic, is driving growth in the market.
“The market is expected to continue to grow in the coming years, driven by the increasing demand for electronic prescribing systems that can help reduce medication errors and improve patient outcomes,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the ePrescibing Market:
- The global ePriscribing market is estimated to register a CAGR of 27.1% and reach a valuation of US$ 52.2 billion by 2034.
- The solutions segment is anticipated to dominate the market by registering a 26.9% CAGR from 2024 to 2034.
- With a CAGR of 26.7% through 2034, the web/cloud-based delivery mode is highly preferred by patients.
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Competitive Landscape:
The ePrescribing market is a dynamic and evolving industry, with the emergence of new players offering a wide range of solutions such as software platforms, mobile applications, and cloud-based services. As the demand for ePrescribing services continues to grow, smaller companies and start-ups are entering the market with innovative solutions to meet the evolving needs of healthcare providers and patients.
The competition in the ePrescribing market is fierce, and companies are constantly seeking ways to differentiate themselves by offering unique features and capabilities. As a result, the market is constantly evolving, and it is essential for companies to stay ahead of the competition by offering innovative solutions that meet the needs of their customers.
Key Market Players:
- Surescripts
- Allscripts Healthcare Solutions, Inc.
- Cerner Corporation
- GE Healthcare
- RelayHealth Corporation
- Athenahealth, Inc.
- DrFirst, Practice Fusion Inc.
- Medical Information Technology, Inc.
- Henry Schein, Inc.
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Key Market Segments:
By Product:
- Solutions
- Integrated Solutions
- Standalone Solutions
- Services
- Support
- Implementation
- Training
- Network
By Delivery Mode:
- Web/Cloud-Based
- On-premise
By End Use:
- Hospital
- Office-based Physicians
- Pharmacy
By Usage Methods:
- Handheld
- Computer-Based Devices
By Substances:
- Controlled Substances
- Non-controlled Substances
By Specialities:
- Oncology
- Sports Medicine
- Neurology
- Cardiology
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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